About this Show

MONEY With Melissa Francis

News/Business. Melissa Francis with a breakdown of the day's top stories and their impact on the American Taxpayer.

NETWORK

DURATION
01:00:00

RATING

SCANNED IN
San Francisco, CA, USA

SOURCE
Comcast Cable

TUNER
Virtual Ch. 130 (Fox Business)

VIDEO CODEC
mpeg2video

AUDIO CODEC
ac3

PIXEL WIDTH
704

PIXEL HEIGHT
480

TOPIC FREQUENCY

U.s. 11, Europe 7, Us 7, U.n. 5, America 5, Iran 5, Obama 4, Ohio 4, Melissa 4, New York 4, Romney 3, Asia 3, Columbus 3, United States 3, Lifelock 3, Washington 3, Mercury 2, Steve Moore 2, Steve 2, George Bush 2,
Borrow a DVD
of this show
  FOX Business    MONEY With Melissa Francis    News/Business. Melissa Francis with a breakdown of the  
   day's top stories and their impact on the American Taxpayer.  

    September 27, 2012
    12:00 - 1:00am EDT  

12:00am
the cost of ending nfl insanity, the league and the union close in on a deal. how quickly could order be restored and how will it impact the nf l-bottom line? we're crunching the numbers. even when they say it is not it is always about money. melissa: let's look at today's headlines. antiausterity riots spooked investors. s&p 500 is now its longest slide since july. the blue-chips closed down 44 points. mixed bag on the housing front. the commerce department reported median home prices are at highest level since 2007. august's 17% year-over-year leap is the biggest for the howing market since september of 2004.
12:01am
however new home sales did slide. worries of global growth in europe sent oil prices tumbling 1 1/2% settling below $90 for the first time in august. just as the president of iran wraps up his visit to the u.n. here in new york, a new investigation reveals that the largest oil trading firm in the world is buying and selling iranian oil practically at will. what about the sanctions imposed by both the u.s. and the european union? are they worth the paper they're even written on? i'm joined by stuart holiday, former ambassador to the u.n. and president and ceo of meridian international center. thank you so much for joining us, ambassador. we appreciate it. >> thank you. melissa: this story is really amazing. there were a bunch of fantastic reporters over at reuters who dug this up and they were able to track this oil that was sold by iran to vitale, which is a swiss company. they did everything they could to disguise the oil. it was fuel oil.
12:02am
they blended it with other shipments. apparently they turned off trackers on these tankers but still the reporters were able to verify it and follow the oil to be sold to an asian buyer. so what good are the sanctions that are we're under? >> first it is remarkable the lengths they went to obfuscate what they were doing. the sanctions are having an effect. you've seen nearly 40% drop in oil exports. you've got a devaluation of the currency. that said sanctions are hard to enforce universally. this company was seeking to use a loophole in that switzerland is not forced to comply with the e.u. sanctions regime. i think the heat is on and they appear to be backtracking. at this point i'm not sure there is actual buyer for these two million barrels. melissa: the reports say they were struggling about price. they were trying to sell $30 premium at benchmark in
12:03am
singapore. i heard they made a deal about $14. >> right. melissa: the point being if we know about this one case, if reporters were able to find this there has to be a lot more than that out there. >> that's true. melissa: that sanctions are, there are mildly effective but if we're trying to put a stranglehold on iran to try to stop them from developing nuclear weapons it seems there are enough people working against that in this manner. >> u.n. says threat of sanctions more important than the sanctions themselves. these are political gestures at the end of the day. in this case you have certain large countries outside of the sanctions reg goals. three layers, the u.n., united states, the e.u. and the bilateral sanctions and so you're always going to have these attempts but i think the efforts to kind of focus on uncovering the people trying to violate the sanctions are quite remarkable in this case and we need to keep the heat on.
12:04am
melissa: i know the ceo, ian taylor is originally from england. i don't know if he is still a citizen. one of the ways in which a lot of sanctions will be held in place by virtue of insurers. >> right. melissa: all of these tankers are insured 95% of them, in london. and -- >> that's right. melissa: you would hope as a result this company vitol, would not be able to insure whatever shipments it bought. i think they will find a way around that as well. seems they did so many other things in this case seems from the reports to hide what they were doing, don't you think. >> i do. i also think there is new round of sanctions negotiations taking place that will give the u.s. the ability to sanction any company that is of course dealing with, on the financial facilitation of these oil transfers. and, go after them because, again this would represent, this is a huge company and this represents a pretty small percentage of share revenue. and so to put their whole business at risk as a result of this, there also will be
12:05am
political pressure on the swiss government by the e.u., particularly the french and germans, to get them to kind of close this, this loophole. melissa: yeah. >> it will always be an uphill climb and sanctions aren't perfect. right now they appear to be having some effect. melissa: we're talking about this today because of course the iranian president is here in new york making his speech in front of the u.n. at the same time we're watching that, that we're reading that iran being able to sell this oil and it makes americans and our viewers feel like we're not getting any traction on the front of trying to slow down iran from getting nuclear capability. what do you think is the best thing that the u.s. and the u.n. could do right now that we're not doing? >> ahmadinejad of course is a lame duck and in any event the theocracy, the mullahs in tehran are the ones that really control the future of the country and they don't appear to be weakening in materials of their position. melissa: no. >> so i think that we really
12:06am
have to, of course continue these sanctions, ratchet them up, but really draw what i would say with would be a very clear parameter without tying our hand tackicly from a military standpoint to say look, the united states will stand along with our allies and put a time frame, a time limit on this and really force iranian compliance with the iaea regulations or the consequences would be really, detrimental for iran and the economy and perhaps take a military course. melissa: yeah, it feels like we're not having impact. that's why we're talking about all these things tonight. thank you very much ambassador, for coming on. >> thank you very much. melissa: hoards of demonstrators violently taking to the streets of greece and spain to protest new austerity measures. governments are trying to take one step forward to solve the continent's debt crisis but some citizens seemed determine to take two steps back. with the u.s. trying to solve its own looming debt
12:07am
crisis could we see this kind of turmoil break out here? steve moore from "the wall street journal" joins me with more on this. we watch these protests going on in the streets and the first thing on my mind is that it seems like things are getting worse instead of better across europe and i thought that we had sort of solved, at least part of the financial crisis there but, you know, we're looking at these pictures. what do you think, steve? >> i will answer your question whether this kind of thing could happen here, melissa because i think that is really the interesting dynamic. melissa: i was going to get there but let's jump there. why not? >> i do. i actually think we're very much like europe in the sense that americans, especially some of the more radicals on the left have come to regard these government benefits as human rights and if you, let's say you were to get a president romney and say that president romney came in and started to cut back on some of these welfare benefits, some retirement benefits i think you could see, remember what we saw in
12:08am
madison, wisconsin, people taking siege of the capital there. i think you could see that breaking out all over the place. it is a scary scenario but it could happen. the good news we're not nearly far down the path to ruin as europe is. i don't think we're anywhere close to facing their economic problems but the political ones are different. melissa: it is a two-prong question, are we close to europe in the financial sense, debt sense and heading down that road? >> right. melissa: there is the cultural question would americans really have the will to riot like this with molotov cocktails? i have a hard time seeing this blow up. but at the same time, occupy wall street, the beginning, it wasn't like this but it was still more vocal than i thought it would be the. >> right. melissa: talk about the financial one first. >> the financial one, look i'm one who doesn't think we're like europe. first of all we are the safe haven of the world. u know look what happened to the bond rates in the united states, even as our credit rating has fallen.
12:09am
you have 1.7, 1.8% 10-year treasury bonds. that doesn't suggest to me the world is worried about the american government is paying back its debt. that can change in a hurry as we learned in a lot of other countries. we're the least rotten apple in the bunch right now. that is a pretty positivings to to be in relatively. melissa: yeah. >> but i do think, look, i'll disagree with you a little bit. i was there in wisconsin watching some of those demonstrations in madison when scott walker tried to cut those benefits. i me he had to have 25 security guards around him everywhere he went. so i don't think we're that far away, this country is so splintered how to deal with this debt crisis that we have, i do think that wall wall occupy wall street movement could turn somewhat violent. melissa: what is the yield on the bond? what is the willingness of people to finance our debt as opposed to what our debt-to-gdp ratio. that is the argument that is normally made. you seem to buy that. >> look i'm kind of bullish
12:10am
on the u.s. economy. i think we could see pretty rapid rates of growth in next couple years if we get some of these problems solved which i think is coming. i think we'll see tax reform. i think we'll see entitlement reform in this country. you know what? give how bad this recovery has been so far, melissa, we're still five million jobs short where we were five years ago. melissa: yeah. >> you get the economy moving again that debt-to-gdp ratio falls. that is the good news of the story that is not reported. you have to grow the gdp, which is the numerous rate tore, i mean the denominator then you get the debt-to-gdp ratio fall. you need growth and spending cuts. melissa: you think the political will is out there to really riot at some point? >> i think washington, look i think the american people, the vast majority of us, are willing to make these decisions about, what are we going to do about the future of medicare and social security. the one thing we always americans have to grapple with, we don't talk about, melissa, maybe this is subject of another
12:11am
conversation between the two of us, there is 80 million baby boomers that are going to reach retirement next 20 years. you do the math, there is no way these programs like medicare and social security 20 years from now will look like what they look like now. they can't. melissa: it is not mat maticly possible. >> right. melissa: steve moore, thank you, always a pleasure. >> okay, melissa. see you soon. melissa: hear is the question today do you think the u.s. could have riots over austerity measures in greece and spain? that's what steve and i disagree b are you ready with your own molotov cocktail? like us on facebook.co facebook.com/melissafrancisfox. ohio is arguably the most critical battleground state for the election. the election is the utmost importance for many businesses in the buckeye state. fox news's bill hemmer will join me on a special report.
12:12am
plus the call that broke the camel's back. the nfl and referees union close to a deal. how could that affect your bottom line. more "money" coming up. ♪
12:13am
12:14am
12:15am
12:16am
♪ . melissa: mitt romney and president obama are duking it out in the battleground state of ohio today. the unemployment rate there is 7.2% which is lower than the national average, but some argue the recovery has been uneven in the buckeye state. so which way will this state swing? with me now is fox news's bill hemmer who spent time on the ground in columbus. >> and other parts. melissa: this is the state you love. >> yes. melissa: you know it so well. >> my home state too. so i have a personal attachment to it. i think in any normal time 7.2% is absolutely unacceptable for any governor, in any state in america agreed? but lower than the national average and that is why that number gets a bit more attention right now. i find ohio confounding at the moment politically. melissa: yeah. >> in the southeastern part of the state unemployment is at 13%.
12:17am
melissa: wow. >> northwestern part of the state, unemployment is at 4 1/2%. melissa: wow. >> such a difference. melissa: like two different states. >> it is. i will tell you in a moment about why ohio is such a battle ground and how it reflects so much of america but first on, we met a guy by the name of brad hutchinson. he works in the small town of carroll, ohio. this is fairfield county, southeast of columbus about 30 miles. town of about 480 people. he has a machine company there. employs 140 people. he was rolling along. he was doing okay, fighting working hard, every day. a buy with high school diploma who was truly inspiring. i was taken by this guy's level of commitment and dedication he has and gets his employees to follow him through his business day, it is very impressive. the point is he laid off seven people recently. he said he did it because he doesn't know what the laws are going to come out of washington. and hearing this throughout the entire industry. here is brad hutchinson on that. >> there was a lot of jobs slated to start and guys
12:18am
just put the brakes on. a lot of what we're hearing from the industry is it is due to this election. >> now, due to this election. he is not going to make a move until america decides, period. even after then he is not sure he can bring them back. melissa: you roll it forward, from employment, that has impact on every other industry out there. people don't have jobs. there is the domino effect, they're not buying stuff, right? >> you drive 30 miles north where we were in carroll, ohio you go to the town of reynoldsburg, ohio. we met a home wilder. -- builder. he built five moments this year. for the past three years he built zero. not a single house. when he was booming five or six years ago, it was more than 200 homes per year. that was huge business for him. now he hit the wall and had to adjust and all that. he believes nothing will work in ohio unless you bring the jobs back. here is on that. >> unemployment means people
12:19am
can't buy washing machines, cars and homes. this is a key. if we go and do the same thing we've done last couple years you can see the economy drop back down again. >> that is kind of the plain speak you get on fox business. the guy could work here when you listen to him talk. he really has the perspective on the economy. melissa: he really does. this is state like you said employment is so different in different parts of the state. now they're really waiting for the election and looking to political leaders to see what will happen. >> you have, i find this interesting too. you have a republican governor there, john kasich, you have been working you hear the words drip out of his mouth every day. bring your business to ohio and bring it book up again. to a degree he has been successful. he says none of it is from washington. he makes the case it is his own tax policy and balanced budget bringing jobs back to ohio. the man be it romney or ohio, who can convince to bring
12:20am
back jobs he will within the job. >> not whether or not ohio is doing this much better, it is argument between romney or obama, who can do a better job of the country totally back the economy is growing anemicly, a couple points maybe. we should be growing at four or 5%. we should be exploding and we are not. >> brings you the whole point of 7.2%. okay, it is better than it was but is it good enough. why ohio? why does it always seem like the focus comes back to the buckeye state. this is a state of 12 million people. it is a cross-section of the american spectrum in everywhere. you have big cities, you have large empty spaces. rural, farmland. you have huge minority populations in cities like cleveland and columbus and to a lesser degree cincinnati in the southwest. but more than anything, melissa, in this election, it has a huge middle class. and that's the target for mitt romney and president obama every time they have
12:21am
been there of which there have been many visits. melissa: so the $50 billion question, who takes ohio? you're just there. you know everyone. you've been on the ground. you're listening to them talk, what do you think?. >> if you agree with the polls president obama has an edge. if you are trying to factor in history, i will remind you of this. in 2004, late into the night when john kerry and george bush were going head-to-head in ohio, southwestern ohio, the counties around cincinnati, won it for george bush and gave hum four more years. if you are taking the model of 2010, how all these people came out to vote on issues like unemployment, debt and deficit spending and obamacare, well you could make an argument those three issues are still out there. so are those voters still out there? you would argue they are but will they turn out to vote? that will be the key in early november. melissa: bill hemmer, thank you so much. great stuff. apeciate it. >> good to be with you, melissa. melissa: football fans
12:22am
everywhere, hold your breath. the nfl and the referees union may be yards away from getting a deal done. how will the lockout affect the league's bottom line? we're crunching those numbers next. no secret economic growth is sluggish. maybe $488 billion in new regulation costs have something to do with it. what do you think? we have details from a stunning report from u.s. red tape? do you ever have too much money? i know you have too much u.s. regulations.
12:23am
12:24am
12:25am
12:26am
♪ . melissa: good news for football fans. there are report that is the nfl could be close to reaching an agreement with the union for referees. we've been following the nfl lockout since monday night's controversyal call. the football world was
12:27am
outraged when replacement refs awarded seattle seahawks a very questionable touchdown costing green bay a win and a lot of people a lot of money. it was the most outrage just incident in the replacement referee debacle yet and there have been a few but will it push opposing sides to a new deal? here is fox sports radio show host, j.t. "the brick.". let's get to the news here. are they on the brink of a deal? will the deal get done? >> yes the deal will get done the next 24 to 48 hours. i think we could see the original officials back on the field by sunday. they want to tie this up quickly, get them back on the field, get them through dallas, physical and final training and get them out to the sites where they will be officiating on sunday. there could be a trip up in the next 24 hours they're so close on the money they're ready to make a deal. melissa: we could have real honest to good football this weekend. we'll not be fighting over what actually happened in
12:28am
the game. talk about the referees and the union are talking about though. they're fighting over salary. they have an average salary of $149,000, versus 50,000 for the after ran merge. that is the median salary. that is not even the average salary. i was going to say that sounds high. the average employee contributes 8.5%, employer, contributes 8.5% to their pension. refs are asking for the league to contribute almost 26%. that is a lot. >> melissa, this is an ugly sports labor negotiation. what else is new. the referees want a better lifestyle. they want to control their retirement. they want to make more money and they don't want to have rules dictated by the nfl they want their cake and they want to eat it too. go back to the beginning of the season the first wednesday night game when dallas beat the giants. the replacement refs did a pretty good job. they were not the story. after the first week the fans could live with it.
12:29am
but it has been a days ister. in week two, as you talk the tippingpoint was monday night football. seattle was awarded a touchdown when green bay clearly won the game. now the referees have all the leverage back. the owners don't like the pr the commissioner doesn't like the fact that sports talk radio show hosts like myself and listeners are talking about the integrity of the game. melissa: i don't know. >> this is real football. melissa: still drives viewership. we're all talking it. people tune in because they want to see what the next fiasco is going to be. like watching a car wreck. i'm not sure it is bad for ratings and sponsors. i'm not sure about the numbers. are the referees being greedy here? when you look at numbers they already make more than the average guy out there and they work a tiny sliver of the year and at the same time everybody in the nfl makes more than the average person out there. i don't know if that is a fair comparison. are they being greedy or trying to get rightfully theirs? what your opinion. >> i think they're being greedy.
12:30am
all viewers are hard-working americans that want to get back to work again. they don't have opportunity to fight with their employers to ask for more money. when it comes to union and labor agreements with retirement benefit. a lot of people think that is what is weighing down this economy. that is what is weighing down small business. this is a 10 dal billion a year industry. and melissa, they have the money. but you've got to remember, these owners are some of the most successful people in america. they got that way because they watched the bottom line. they don't give away easy money to the players or the referees and even the fans are paying out the nose to go out and see this product. so this is an ugly negotiation but for the fans i talk to on the radio at night they are sick and tired of this. i'm in vegas. and vegas, all the money that changed hands, all the people that gambled on the packers and should have won, they got robbed. that has a big effect on fan interest. melissa: were you in that group? did you bet on the game monday night? >> i do not bet but tell you
12:31am
a real story. i was on the sidelines in oakland when dare russ heyward bey was new yorked unconscious and none. replacement firms threw a flag. they missed an obvious call. it is becoming a player safety issue because the games are getting out of control. the coaches are grabbing officials or yelling at them. the game is turning into the wwe and real football fans don't want this when they're watching the game. melissa: that's right. the brick, thank you so much for coming on. we appreciate it. >> thank you. melissa: a new report finds regulatory cost in the u.s. spiking by nearly half a trillion dollars in just 3 1/2 years. details on the most costly red tape gunging up the economy. that is next. a new solar startup company prepares for a grand opening and about to tap into $200 million of our tax dollars of course. is it a solyndra sequel? "piles of money" coming up.
12:32am
on the other side of this break. ♪ so anyway, i've been to a lot of places. you know, i've helped a lot of people save a lot of money. but today...( sfx: loud noise of large metal object hitting the ground) things have been a little strange. (sfx: sound of piano smashing) roadrunner: meep meep. meep meep? (sfx: loud thud sound) what a strange place. geico®. fifteen minutes could save you fifteen percent or more on car insurance.
12:33am
12:34am
12:35am
12:36am
♪ . melissa: good music today. $488 billion is bigger than the gdp of many countries but that is just the amount of new regulation costs imposed during the obama administration. this is according to new study and joining us with some of the most outrage just and burdensome examples is the study's author, the director of regulatory policy at the american action forum. thank you so much for joining us. this is a really staggering number. how did you come up with this math? >> well, every day we went through the federal register, all of the proposed final rules. it is roughly 20 to 30
12:37am
regulations each day and we just quantify or essentially write down and replicate the private sector or unfunded mandate burdens that the federal government publishes each day. so the agencies already provided cost estimates and just recording them and tallying them up at the end of each week or at the end of each year. melissa: i was going you there the math and picked out some of most egregious ones. let's get right to it. epa utility math regulations which is basically the standards to limit mercury and acid gases and pollutions from power plants which sounds like a very positive thing. it cost $10 billion and predicted to force 25% of electric generation units to go off-line? what is the benefit because that is a tremendous cost? >> well a lot of the benefits that you see from that rule, if you look at the cost bennett analysis there are very small benefits actually from the mercury reductions. the big, the overwhelming benefit side is the
12:38am
particulate matter benefits that they list but looking through the retirements as a result of this rule, the forum, american action forum has looked through roughly 100 power plants already announced closures. just last week there was a mining company that announced 1200 layoffs. so when you add it all up looking roughly 10,000 jobs that are directly impacted. this rule has been on the books less than a year. so they have direct employment impacts as well. melissa: yeah, this cms community first choice option was authorized by the affordable care act and provides incentives for states to expand medicaid coverage. the implementation of this would cost $5.7 billion. talk to me about the cost and benefit of that one. what does it really do? >> sure the big part, the cost side on that were directly on states. if you look at regulation, they had a direct itemized cost. obviously federal government wilt spend a lot of money
12:39am
implementing affordable care act but there is huge cost for states as well. if you look at entire affordable care act it is roughly $7 billion just on state impacts we found so far. on the private sector side roughly 20 billion. $27 billion tab so far and the law is still far from fully implemented. we won't see that until roughly 2014. there is still aways to go. melissa: what is staggering all these things and isolate break out what it is, sounds like a good idea and we need regulation. your point overall as we become regulation nation, somebody has to pay the price for this and it is always going to be the taxpayer, the consumer, either way, that is you and me, right? >> correct. and i think there's always this perception that regulation is only going to go after the big guys, the big utility companies. melissa: companies. >> but, often times, they will list small business impacts. we recently did a study, we took a handful of rules literally, 10 rules and that agency's themselves could
12:40am
directly impact small businesses, mom-and-pop shops and just those 10 rules was $3.5 billion. so that's, that's 10 rules out of thousands of rules each year. so it goes from everybody to, an employer of two to three all the way up to the big guys. >> people think you're regulating and passing the cost on to companies. well those companies pass the cost onto the consumer, or they hire fewer people. that is the problem. thank you for coming on and breaking this down for us. it is important for people to know what is going on. we appreciate your time. >> thanks so much for having me. melissa: the government has solyndra's bankruptcy under its belt but that is not stopping it from putting up $200 million taxpayer dollars to back a new solar startup. have you heard about this? we're going to explain. that is coming up next. at the end of the day, it is all about money, usually taxpayer money. ♪ . [ male announcer ] wouldn't it be nice if there was an easier,
12:41am
less expensive option than a traditional lawyer? at legalzoom you get personalized services for your family and your business that's 100% guaranteed. so go to legalzoom.com today for personalized, affordable legal protection.
12:42am
>> announcer: meet mary. she loves to shop online with her debit card, and so does bill, an identity thief who stole mary's identity, took over her bank accounts and stole her hard-earned money.
12:43am
now meet jack. after 40 years, he finally saved enough to enjoy retirement. angie, the waitress at jack's favorite diner, is also enjoying his retirement. with just a little information, she's opened up a credit line, draining the equity in jack's home. unfortunately, millions of americans just like you learn all it may take is a little misplaced information to wreak havoc on your life. this is identity theft, and no one helps stop it better than lifelock. see, ordinary credit monitoring services tell you after your identity has been stolen. they may take 30 days to alert you-- too late for jack. lifelo has the most comprehensive identity theft protection available. if mary had lifelock's bank account alerts, she may have been notified in time to help stop it. if jack had lifelock's 24/7 proactive protection, he could have been alerted by phone or e-mail as soon as they noticed an attack on their network, before it was too late. lifelock has the most comprehensive identity theft protection available, guarding
12:44am
your social security number, your money, your credit, even the equity in your home. while identity theft can't be completely stopped, no one works harder to protect you than lifelock. you even get a $1 million service guarantee. that's security no one can beat. you have so much to protect and nothing to lose when you call lifelock right now and get 60 days of identity theft protection risk free-- that's right, 60 days risk free-- use promo code: notme. order now and get this document shredder to keep sensitive documents out of the wrong hands-- a $29 value, free. call the number on your screen. [♪...] ♪ . melissa: so here we go again. solar panel startup called
12:45am
solo power receiving a nearly $200 million government loan guaranty, that is from you and me by the way. the money believe it or not comes from the same energy department program that backed the bankrupt solyndra. what guaranties americans have that solo won't become another solyndra. great to have you back on the show. what makes me very nervous about this besides solyndra, this company is going out there to make solar panels. they're making the very thin solar panels easier to install and use but we have a production glut of these in the world right now. they're being made very efficiently in asia. as a result the price has declined 30% in the past year and they only expect demand to increase 8% over the next year. so if i were going into a business right now, this is not the business i would choose. what do you think? >> no. it's true. you look over the last three years it is 75% drop in solar, the cost of solar
12:46am
panels. and you mentioned asia. in china right now, suntech power, one of the largest solar manufacture you ares in the world is threatening to be delisted from the new york stock exchange. their stock went from $90 a share in 2008 to dollar a share today. even in asia where done cheaper and more efficiently they're having major problems. in germany where half the world solar is there is not a single company in the black at the moment. they're calling it a death spiral. given worldwide market and here comes the federal government. the classic addage the more the planners fail the more the planners plan. the state of oregon will pump more than $50 million additional money to the same company. melissa: mark what is really disrupting to me, if i was a business owner, whether this company, whether we're not talk about it making solar panels or wigits, when you look at market and look at demand or supply you see
12:47am
this is not a business that makes sense to go into right now. so why would they be doing this? i mean did they feel like the government subsidy, you know is going to make it profitable for them? why are they going into this business? >> the reason they went into it, keep in mind, president obama has a science advisor john hold drum, one. hazards after free society is cheap energy. secretary chu getting solyndra and solar companies money. what their goal was as president obama stated to make energy rates skyrocket. only makes conceiveable sense in electricity and energy is in the stratosphere much more expensive. solar only begins to make sense. so that was the original plan. that didn't come through because congress failed to pass a climate bill which would have helped. president obama is doing everything he can to make energy more difficult when it comes to coal in the united states and other forms of drilling and things like that. so what's happened is it is ideology that is driving this policy. they want renewable energy. it is based on fear of man
12:48am
made global warming. they say we have to get off carbon based energy. need to do it fast. this is their ideology. that is why they're doing stuff that makes no sense. federal government as venture capitalist makes no sense. melissa: venture capitalist their record is not great. they have four companies have gotten money so far. two of them are solyndra and abound solar which have gone bankrupt. other two are solo power we're talking about now getting another loan. there you go, $187 billion in business -- 187 million heading down the path that i don't see how could possibly be successful. this 1336 technologies . what do you know about that one. they are lined up for $150 million loan from you and me. >> that is interesting to watch them. here's what we found, every single instance we're looking at when the federal spigot turns off the companies go belly-up. melissa: right. >> a few years ago all we heard green jobs an renewable energy sector is booming because the federal government pumped in $40
12:49am
billion in a few short years. you can create the illusion prosperity. the second money is pulled. same thing happening in china. same thing happens in europe. once the money is pulled jobs go belly-up. 50% bankruptcy rate is astounding given money flowed a few years ago. these companies can in the make it. we're producing less than, barely over .1 of 1% of energy in the united states. in the u.s., wind is 3%. solar is not even making it at 1% despite all these subsidies. melissa: we've got to go and that is not even the point. the point is we're broke in this country. we're $16 trillion in the hole. we can not afford to throw away this money on this company that can not possibly make it. it is just stupid. thanks for coming on, mark. we appreciate your time. hope you come back soon. >> sure, thank you. >> you know you probably have too much money when you build a mansion for your chickens. i'm not kidding. we have details on one hedge
12:50am
fund manager's over the top digs for his powell tri. it is gorgeous. what chicken wouldn't want to live there? ♪
12:51am
stay top of mind with customers? from deals that bring them in with an offer... to social media promotions that turn fans into customers... to events that engage and create buzz... to e-mails that keep loyal customers coming back, our easy-to-use tools will keep you in front of your customers. see what's right for you at constantcontact.com/try.
12:52am
12:53am
♪ .
12:54am
time for a little fun with spare change. we're joined by fox news contributors julie roginsky and chris hahn. thank you for coming back. i heard you guys were wild. >> substitute teacher. we took advantage. melissa: sounds like it. stay in line today is all i have to say. numbers of households watching tv dropped by 500,000 last two years, wow, i don't like that. cable operators reported huge losses. both are due to rise in online viewing. watching tv online is very antisocial. >> i only watch fox business. please up load this to the web today. >> actually annoying. you have constant, maybe internet, time warner cable internet, but, it is that constant, getting disconnected. you haven't paid your bill in six months. because it is buffering all the time. it stops and, i --. melissa: maybe apple tv. i know a lot of kids now
12:55am
don't have cable. they don't have directv they just have their tv hooked up to the internet and watching it like normal people and not paying cable bill and we're too old. >> dvr guy. if i can dvr it i watch it. melissa: here is another one. this is what i'm waiting for, hedge fund manager in the u.k. is building a mansion for his chickens. yes, his chickens. check out the blueprints of the he should rule out any flying the coop or the co-op you might say. the ultralush mansion will be 775 square feet. stone alone estimated to cost $210,000. what is up with this guy and his chickens. >> that looks like good organic chicken no one is complaining about the chickens cooped up. melissa: you think people will eat them because they're in a mansion. i imagine they're more like his buddies. >> a guy in manhattan paying million and a half dollars for 700 square feet of space.
12:56am
melissa: exactly in new york we build that for a garage. >> why do his chickens live better than i do? i don't understand this. melissa: i don't know. get this guy on the show. >> like the great gonzo from the muppets. >> what happens to the chickens though? do they kill them and eat them? melissa: that can't possibly be the case. we have a guy selling a million dollar gold vacuum. maybe he could sell this to that guy. that might be his customer. one way a campaign raises money selling their flag. here is some of our favorite items. have you seen these. campaigns, these are roo he will. -- real. obama's campaign made in america mug complete with his birth certificate. that is pretty funny. t-shirt that reeds, health care is still a bfd. you guys are not --, not laughing though? a mug for joe biden, cup of
12:57am
joe. that is pretty cute. birth certificate is pretty funny. >> i have that one. i'm an idiot but i bought that mug. >> obama people, spent 15 bucks on a mug. stop sending me solicitation. melissa: pay to be on -- >> i get more e-mail from president obama than our princes trying to --. melissa: want to have dinner with you. ordering chinese food. click on here. no, i just want take-out. here is romney. top three items selling. mom is driving the economy. get that. vintage t-shirt that is kind of, whatever. another t-shirt that reads, romney's come back team. >> i feel those will be in container for save the children.
12:58am
>> what they are. somebody has a sense of humor in the campaign. >> kind of flat just like his campaign. melissa: moving on. americans are paying more baggage fees than ever before. airlines posting record revenues from them. in fact u.s. airlines collected more than $1.7 billion, dollars fromming baggage fees. that is in first half of the year. airlines typically charge $25 for first bags. 35 for the second. never, never. >> never. >> remember airline, charging to go to the bathroom. >> that was ryanair. i think they're gone. ryanair. melissa: i think they're still there. i think that was marketing. >> use one of those airsickness bags.
12:59am
melissa: velocity bag. >> i don't ever check bags. melissa: will go back to the principal's office. out of --. melissa: that is all the "money" we have for you today. maybe the last time you ever see those too. "willis report" coming up next. see you back here same time tomorrow a paid advertisement for the best of the carol burnett show dvd collection. (tarzan yell) you laughed with her... you sang with her... you cherished your time with her... "who...me?" there's no star in hollywood more loveable... more talented... more entertaining than carol burnett.

Terms of Use (10 Mar 2001)